Press | 06.12.2010

Syndicated financing of EUR 180 million to fuel further growth by Gehrlicher Solar AG

Three-year loan will be used to set up new foreign subsidiaries and finance working capital. 

 

Dornach, Germany. Bayern LB working as Lead Manager and Mandated Lead Arranger, together with 18 other lenders, has arranged a three-year, EUR 180 million credit facility for Gehrlicher Solar AG. Many of the participating banks had already participated in a EUR 95 million syndicated financing back in December 2009. In addition to refinancing the current syndicated loan, the new credit facility will also be used to finance working capital needs including the provision of guarantees for Gehrlicher Solar AG and its foreign subsidiaries. In the past five financial years Gehrlicher Solar AG has increased sales by more than 1,100 percent and it is planning to establish additional subsidiaries abroad.

 

The deal was signed by the syndicate banks and Ralph Schemmerer, chief financial officer of Gehrlicher Solar AG, on December 6, 2010. Jan Christian Dreesen, Bayern LB Board of Management member responsible for corporate customers commented, “The successful closing of the syndicated facility which nearly doubles the amount of the previous loan will ensure Gehrlicher can grow further. We are pleased that we are able to aid Gehrlicher Solar in its expansion.” Ralph Schemmerer added, “Closing this deal shows that the participating banks have confidence in our business model and corporate strategy. The facility will enable us to pursue sustainable growth and open up new markets in India, South Africa and Brazil”.

 

Lead Arrangers are: BAWAG P.S.K. (Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG), Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Siemens Financial Services Ltd., WestLB AG, and Zurich Gruppe Deutschland. Co-arrangers are: Deutsche Postbank Luxemburg SA, DZ Bank AG, KBC Bank Deutschland AG, Kreissparkasse München Starnberg, Landesbank Saar, LfA Förderbank Bayern, Norddeutsche Landesbank Girozentrale, Sparkasse Bamberg, Sparkasse Coburg-Lichtenfels, Sparkasse Ostunterfranken and UBI Banca International S.A.

 

Press release